Press release
Industrial Packaging Market is projected to reach USD 84.1 billion by 2028, registering 3.9% CAGR during 2021-2028 | Size, share & Forecast
Industrial Packaging Market
The Industrial Packaging Market was estimated around USD 61.9 billion in 2020, and is expected reach USD 84.1 Billion by the end of 2028, growing at a CAGR of 3.9% over the forecast period (2021-2028).
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/industrial-packaging-market-analysis-industry-research/
The factors driving the growth of Industrial Packaging Market includes increasing application of industrial packaging solutions across end-use industries such as healthcare, food & beverage and cosmetic, rise in the number of Free Trade Agreements between Governments of different countries and growing use of shipping containers to protect industrial equipment. As per the data available at Statista, global trade of exported goods has increased over the years from USD 16 trillion in 2016 to USD 19 trillion in 2019, which is expected to boost the Industrial Packaging Market size in the approaching years. Moreover, technological advancements in packaging solutions, rise in the launch of new products, strategic mergers, and acquisitions between industry players, growing demand for ready-to-eat & convenience food products and rapid industrialization, are some of the additional factors supplementing the market growth. In addition, increasing investments by major corporations on research and development, growing adoption of industrial drums in packaging industry and rising disposable incomes, are further contributing towards the market growth.
However, growth of Industrial Packaging Market is hindered attributed to variations in the prices of raw materials.
The major players operating in the market are Orora Packaging Australia Pty Ltd, Sigma Plastics Group, Mauser Packaging Solutions, Greif, Amcor plc, Berry Global Inc., BAG Corp, Sonoco Products Company and International Paper, among others.
Based on Product Type, the Corrugated Boxes segment is predicted to expand at a significant CAGR during the forecast period
Increasing demand for corrugated boxes in the end-use industries such as automotive, and food & beverage, is propelling growth of the segment.
Based on Application, the Food & beverage segment is projected to dominate the market over the forecast period
Rising trend of bulk-purchasing during lockdowns and increasing orders of daily staples and FMCG related products through e-commerce platforms, are pushing growth of the segment.
Based on Region, the Asia-Pacific region is anticipated to hold the highest market share during the forecast period
As per the Industrial Packaging Market Forecast, growing demand for ready-to-eat food products, rise in the number of Free Trade Agreements (FTAs), increased adoption of advanced technologies by manufacturers, rapid industrialization, and high population growth rates, are some of the additional factors augmenting the market growth in Asia-Pacific region.
Key Developments
In 2020, Mauser Packaging Solutions, through its joint venture acquired EuroVeneta Fusti, this acquisition will expand company's foothold in Italy and extend the offering of current plastic industrial packaging along with steel drum packaging and reconditioning IBC services within the Italian market.
In 2020, Mauser Packaging Solutions introduced a new 1-piece consumer pack. This product is ideal for use in industries like home care, candy and confection, pool care, and food products.
In 2020, Greif acquired a minority stake in Centurion Container LLC to extend its intermediate bulk container (IBC) reconditioning network in North America. The investment in Centurion Container LLC will improve company's IBC and IBC reconditioning businesses.
Market Segmentation
Segmentation by Product Type
Drums
IBCs
Sacks
Crates
Pails
Corrugated boxes
Others
Segmentation by Material
Plastic
Wood
Metal
Paperboard
Segmentation by Application
Food & beverage
Automotive
Pharmaceutical
Chemical
Oil & Lubricant
Building & Construction
Others
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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